It also carries out an initial exercise on the degree of alignment of their emission reduction goals with the objectives set out in the Paris Agreement and in the European Union. The main objective of this work is to carry out a first estimation on the amount of the greenhouse gas emissions of Spanish issuers of securities. Spanish securities issuers and their relationship with climate change With respect to volatility, it increased in the short term, and tended to decrease in the long term. On the other hand, these shares recovered part of the trading volume that was carried out in OTC markets. Two opposing effects are detected: on the one hand, the trading of taxed Spanish shares decreased after the introduction of the tax. The paper reveals that the effects of the tax on the trading of Spanish shares have been limited in absolute terms and were mostly temporary. Secondly, the evolution of the variables linked to the trading of shares of Spanish companies subject to tax with those that are not. This approach tries to capture two types of effects: firstly, the impact of the introduction of the tax by comparing the evolution of the variables of Spanish shares subject to the FTT with those of other countries with similar characteristics and not subject to the FTT. The paper uses two models: one based on difference-in-differences and another wich relies on a regression discontinuity design. For this purpose, it considers several dimensions of liquidity (measured through the bid-ask spread and the Amihud ratio).volatility (both intraday and historical) and trading volume of the secondary markets in which Spain shares are traded. This paper evaluates the effect of the introduction of the ITF on Spanish shares in secondary markets, focusing on the potential costs. Analysis of the implementation of the Spanish Financial Transaction tax in equity markets
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